TY - BOOK ID - 85600900 TI - Financial Development and Source of Growth : New Evidence AU - Ben Naceur, Sami. AU - Blotevogel, Robert. AU - Fischer, Mark. AU - Shi, Haiyan. PY - 2017 SN - 1484306503 9781484306505 1484306325 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Financial institutions KW - Capital market KW - Economic development KW - Development, Economic KW - Economic growth KW - Growth, Economic KW - Economic policy KW - Economics KW - Statics and dynamics (Social sciences) KW - Development economics KW - Resource curse KW - Capital markets KW - Market, Capital KW - Finance KW - Loans KW - Money market KW - Securities KW - Crowding out (Economics) KW - Efficient market theory KW - Financial intermediaries KW - Lending institutions KW - Associations, institutions, etc. KW - E-books KW - Finance: General KW - Investments: Stocks KW - Macroeconomics KW - Production and Operations Management KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Economic Development: Financial Markets KW - Saving and Capital Investment KW - Corporate Finance and Governance KW - Economic Growth and Aggregate Productivity: General KW - Financial Markets and the Macroeconomy KW - General Financial Markets: General (includes Measurement and Data) KW - Production KW - Cost KW - Capital and Total Factor Productivity KW - Capacity KW - Aggregate Factor Income Distribution KW - Pension Funds KW - Non-bank Financial Institutions KW - Financial Instruments KW - Institutional Investors KW - Investment & securities KW - Financial sector development KW - Stock markets KW - Total factor productivity KW - Income KW - Stocks KW - Financial markets KW - National accounts KW - Financial services industry KW - Stock exchanges KW - Industrial productivity KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:85600900 AB - This paper examines how financial development affects the sources of growth—productivity and investment—using a sample of 145 countries for the period 1960-2011. We employ a range of econometric approaches, focusing on the CCA and MENA countries. The analysis looks beyond financial depth to capture the access, efficiency, stability, and openness dimensions of financial development. Yet even in this broad interpretation, financial development does not appear to be a magic bullet for economic growth. We cannot confirm earlier findings of an unambiguously positive relationship between financial development, investment, and productivity. The relationship is more complex. The influence of the different dimensions of financial development on the sources of growth varies across income levels and regions. ER -